Sports Latest
The latest UK & World sports news from the Press Association
Usmanov ups Gunners stake
10:45, Dec 11 2009
Russia-based Alisher Usmanov's Red & White Holdings group have increased their stake in Arsenal to 26.07%.
American Stan Kroenke, however, remains the largest individual shareholder in the Barclays Premier League club, last month moving a small step closer to the takeover threshold when buying another 10 shares to move to 29.9%.
Under the strict financial rules of the City, were anyone to cross the 29.99% takeover threshold, they he would be obliged to make a formal offer for the remainder of the shares at the highest price paid for stock during the past 12 months.
However, shareholders would not be forced to sell, and so after the offer had been made, if the party were not able to reach 50%, then they could not return to make another takeover offer for 12 months, unless invited to do so by the company.
It has been suggested the continued investment by Kroenke - who is already an Arsenal director - is designed to fend off possible aggressive moves by Usmanov.
Lady Nina Bracewell-Smith, who left the board during December last year, could well hold the balance of power with her family's 15.9% stake - which if sold to either Kroenke or Usmanov would push them well past the takeover threshold.
While, as one of the largest shareholders in the club, Arsenal continue to have positive dialogue with Red & White Holdings, earlier this year the board turned down Usmanov's proposed rights issue to generate new cash, in favour of the status quo which sees the Emirates Stadium club remain self-financing.
Usmanov had argued the scheme would help to reduce both the long-term debt of some £400million, which is mainly associated with the new stadium, and also hand manager Arsene Wenger extra transfer funds.
In September, the Gunners' parent holding company revealed an increase in turnover to £313.3million and a record profit after tax of £35.2million from results for the year ending May 31.
Hargreaves keen to make up for lost time 22:45, Mar 18 2010
Manchester United and England midfielder Owen Hargreaves took his first tentative steps on the road to full fitness on Thursday night and declared he had some "unfinished business" to attend to. more
Reds overcome Lille test 22:45, Mar 18 2010
Liverpool kept alive their hopes of silverware this season with a 3-0 victory over Lille at Anfield to win their Europa League last-16 tie 3-1 on aggregate. more
Fulham progress following sensational win 20:45, Mar 18 2010
Clint Dempsey wrote himself into Fulham folklore by firing the Cottagers into the last eight of the Europa League with a 4-1 win over nine-man Juventus at Craven Cottage. more
Riera banned for Rafa remarks 19:45, Mar 18 2010
Albert Riera has been suspended by Liverpool. for his outspoken attack on manager Rafael Benitez and the club. more
England face Borthwick wait 18:45, Mar 18 2010
England captain Steve Borthwick faces a race against time to be fit for Saturday night's RBS 6 Nations showdown with France. more
Grant: A sad day for football 17:45, Mar 18 2010
Avram Grant reflected on a "sad day for football" after confirmation of Portsmouth's nine-point deduction for going into administration all but relegated the club from the Barclays Premier League - and revealed he would meet the players on Friday before deciding how best to tackle the remainder of the season. more
Hamann hits out at Riera 17:45, Mar 18 2010
Former Liverpool midfielder Dietmar Hamann has launched a withering attack on Reds winger Albert Riera after he went public with his frustration at not getting a game under manager Rafael Benitez. more
Buck's achieves World domination 16:45, Mar 18 2010
Big Buck's won back-to-back renewals of the Ladbrokes World Hurdle at the Cheltenham Festival in effortless fashion under Ruby Walsh. more
Shawcross thanks supporters 16:45, Mar 18 2010
Stoke defender Ryan Shawcross has revealed that messages of support from Sir Alex Ferguson and Steven Gerrard helped lift his spirits following the tackle which broke Aaron Ramsey's leg. more
McLeish hoping to keep Hart 16:45, Mar 18 2010
Birmingham boss Alex McLeish believes his hope of retaining goalkeeper Joe Hart on loan for a second season will hinge on whether Manchester City qualify for the Champions League. more
Laws unconcerned by sack reports 16:45, Mar 18 2010
Brian Laws insists he will lose no sleep over claims - shot down by Burnley - that he is facing the sack. more
United announce MTN deal 13:45, Mar 18 2010
Manchester United have announced their third major sponsorship deal in a week. more
